Last week, the proposed acquisition of 21st Century Fox by The Walt Disney Company took a hit, much to fan dismay, when rival contender Comcast tabled a substantial, all-cash bid for the rights to intellectual properties owned by the Rupert Murdoch-founded company.
21st Century Fox has unveiled the new management team for the proposed new Fox company, which will be formed after shareholder and regulatory approval of the proposed transaction between 21CF and The Walt Disney Company.More news: United States government scraps cyber coordinator role in White House
John Nallen, now Fox's chief financial officer, will take on the expanded role of chief operating officer, 21st Century Fox said in an emailed statement.
Rupert will remain a co-chairman but James will leave the organization entirely once the deal is finalized to pursue other opportunities.
"We have worked through the [northern hemisphere] winter "standing up" a reimagined independent Fox", he said in the statement. Wednesday's news formalized a power structure that many had come to expect. He works directly with the company's senior management and board of directors in developing global strategies and setting the overall corporate vision.More news: Meryl Streep to Star in Panama Papers Thriller for Steven Soderbergh
21st Century Fox chief financial officer John Nallen will take a broader position as chief operating officer, but no role for the group's current president, Peter Rice, was included in today's announcement.
The Wall Street Journal, owned by the Murdoch publishing company News Corp, has reported that he intends to set up a venture capital fund to invest in media and technology start-ups.
John Nallen, the current company's CFO, will become COO of new Fox.More news: Lionel Messi Included in Barcelona Squad for Friendly vs. Mamelodi Sundowns
The new Fox will consist of the Fox News Channel, which is the top-rated cable news channel in the country, as well as the Fox Business Network and the Fox Broadcasting Company. "The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities".
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